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Calculated Industries 3420 Pocket Reference Guide User Manual

Page 38

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P

OCKET

R

EFERENCE

G

UIDE

— 37

APR and Total Finance Charges,
Including Mortgage Insurance

• Loan: $250,000
• Term: 30 years
• Interest: 6.25%
• Cost: 1.5 points + $550
• Mortgage Ins./MI: $1,200/year

STEPS

KEYSTROKES

DISPLAY

Clear

o o

0.00

Enter Loan

2 5 0 ) l

250,000.00

Enter Term

3 0 T

30.00

Enter Interest

6 • 2 5 ˆ

6.25

Find P&I Pmt.

p

1,539.29

Enter MI

1 2 0 0 Â

1,200.00

Find Loan Costs:

Recall Loan

® l

250,000.00

Find points

x 1 • 5 % =

3,750.00

Add fees and

find total

+ 5 5 0 =

4,300.00

Find APR

s ˆ

7.03

Find ttl chgs.

ˆ

344,445.48

Amt. financed

ˆ

245,700.00

Total cost

ˆ

590,145.48

P&I Payment

ˆ

1,539.29

Monthly MI

ˆ

100.00

PIMI Payment

ˆ

1,639.29

3420PRG-E-A 7/2/04 9:07 AM Page 37